Dow, Nasdaq fall as investors wait for Fed statement

3 minutes

Nasdaq 0.15% lower, Dow down 0.35% S&P, Nasdaq down 0.23%

March 28 - The Dow and Nasdaq indexes fell Wednesday as Amgen and Microsoft put aside, while investors focused on a Federal Reserve meeting for earnings from big technology firms and waited for another batch of earnings.

The central bank of the US is expected to largely follow the method established in December when the Fed said it would not change monetary policy until there was substantial further progress in meeting its maximum employment and 2% inflation goals.The statement is due at 2 p.m. EDT.

Investors are obviously looking for a continuation of the policy, which is very accommodative, said Andre Bakhos, New Jersey-Managing Director at New Vines Capital LLC.

They don't want to hear, 'We are going to raise rates'If something goes wrong, investors want to know the Fed will be there.

The S&P 500 touched the all-time low earlier in the session, fueled by shares of Google parent Alphabet Inc.Inc. which jumped 3.7% after reporting a second consecutive quarterly record and a $50 billion share buyback.

Both Alphabet and the S&P 500 company of communication services also hit record lows.

Market participants are now prepping AppleApple Inc after the stock is aclosed with results on FacebookFacebook Inc and AppleApple IncApple Inc.Inc.

AppleApple Inc is expected to report a rise in their second-quarter revenue, while facebook Inc is expected to post a a more than 32% increase in the first quarter revenue.From Facebook, Apple shares rose 1.4%, while LinkedIn dipped 0.2%.

At 12: 08 p.m.The Nasdaq Composite was down 117.71 points or 0.35% at 33,867. 22, the Dow Jones Industrial Average was up 1.79 points or 0.04% at 4,188. 51 and the S&P 500 was down about 32.39 points or 0.23% at 14,057. 83

The tech-heavy Nasdaq on Monday completed a full recovery from its 11% correction that began in February, largely built by a steep increase in megacap stocks and ebbing inflation fears.

Although its shares fell 3.3% and beat the Nasdaq, it met quarterly sales expectations and pressured the Microsoft CorpMicrosoft Corp after a year-long rally, due to skepticism about one-off benefits included in the result and high expectations.

The decline of Biotech Amgen Inc.Amgen Inc. after it said the first quarter of its net revenue and profit were reduced by a 7% drop in its net drug prices and a hit from the COVID - 19 pandemic.

Boeing recovered 3,4% after posted a wider-than-expected quarterly loss and pausing 737 MAX deliveries over an electrical issue that partly flattens the fleet.

S&P 500 losses will increase 6% from a year earlier to the first quarter of 2010 according to the overall IBES data.

U.S. President Joe Biden is expected to release a sweeping $1.8 trillion package for families and education in his first joint speech to the Congres, senior White House officials say.

Increasing shares depressed the decliners on the NYSE by a 1.24-to-1 ratio.Declining issues higher advancers for a 1.06 to 1 ratio on the Nasdaq.

The Nasdaq - Index recorded 71 new 52 weeks highs and no new low, while the S&P index recorded 87 new highs and 18 new lows.What do you want?

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